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Okay, here's the thing, I met with a financial adviser and he asked, "why are you renting?" Well, neither Stevo or I have ever owned a home. So I got to thinking and started looking at Emerald Isle houses on the internet and have found an amazing place a few blocks from here. I can afford it! It's a short sell property, so we're doing lots of research into how this stuff works. I've talked to my banker person about doing the pre-quailifying thingee and we're scheduled to see the house this Saturday at 10am.

I know this is a long shot, but I figured I'd pull out the big guns. Namely, CTN vibes We're both talking to our parents and listening to any advice we can get. Cross your fingers for us and send those vibes!! Ya never know what will happen Oy!

Hugs kids!!! Love y'all!!

Lotta vibes your way, sis! Couldn't pick a better time to be looking.

Lots and lots of vibes this works out for you.











Call me if you need moral support.

Vibes are a flowin'!

Good vibes and great spells!

TillyGalore wrote:Lots and lots of vibes this works out for you.











Call me if you need moral support.

Being lazy and using Tilly"s vibes and hugs. Yes, this is going to work for you!!!

Vibes, hugs and wishes of good luck! }}}}}}

Short sale, huh? I suggest you talk to Cathy since she's recently done the same thing, plus as an attorney will have lots of good, general advice to give you. I might have a thing or two to add to the conversation as well if you want.

Sending some vibes!

Home buying vibes, and a piece of advice: don't get your mortgage through Bank of America.

What Ozzie said.

I bought my house on a short sale. I'm happy to talk to you about the particulars.

In general, you need to be prepared to spend a lot of time waiting, and be prepared to buy a house that's less than perfect (i.e., needs a new roof, waterproofing and mold removal underneath, a/c doesn't work, needs painting, hot water heater repair, central vacuum system, gas logs, doorbell, garage door opener and built-in fridge don't work, etc.,) You can get an inspection before closing, but the seller won't make any repairs that are recommended by the inspector. A normal seller takes care of these things, but on a short sale, you must be prepared to take the house "as is." As soon as you go under contract, you should purchase a home warranty on the house. It will take care of most anything that breaks down between the time you purchase the warranty pre-closing through your first year of ownership (but not gas logs, built-in fridges, doorbells, central vacuum systems or garage door openers).

Depending on when you close, you can get the first time home buyer tax credit. Ka-ching!

BB&T is a good bank to work with. I got a good rate, and my loan is local--it originated here, and it's staying here. They're not selling it on the secondary market.

Finally, don't get your heart set on the first house that you look at. There is a lot of property for sale in your county right now. I know of lots of people who are willing to unload their Carteret County property for a song, and they're willing to take a loss (short sale). Get a realtor to help you. He or she may save you more money in the long run because a good realtor has his or her finger on the pulse of the real estate market there. Ask your banker and financial advisor for realtor referrals. Also, ask your local bankers if they know of anyone who would be willing to do a short sale. They'll probably pull out a list that's a mile long!

Oh, and I'm vibing for you!

Vibing and praying for your success DukePA and STEVO!!!!

Best of luck.

We are sending our "bounce back" daughter out looking for a townhome/condo this weekend so we might be talking to you and Cathy.

Best of luck to you! Sending tons of vibes! The advice about looking at more than one house is good because I bet there ARE plenty to choose from on a short sale.

shereec wrote:Best of luck to you! Sending tons of vibes! The advice about looking at more than one house is good because I bet there ARE plenty to choose from on a short sale.

When I saw my house for the first time, I knew it was going to be the house I would buy. It was not the first, nor the last I looked at. After seeing this house, I went ahead and looked at the other houses I picked out previously, if for no other reason than to ensure this is the house I wanted.

My realtor asked me things like where I wanted to live, how much I wanted to spend (I had a really good idea of what I qualified for, and how much I wanted to spend per month on a mortgage, taxes, and insurance). She then sent me a TON of houses to look at. I narrowed down the list to about 10.

The best piece of advice I can give, is find out how much you qualify for, from there figure out how much you are willing to spend per month. I didn't want a house I qualified for because that meant more money out of my pocket every month. I bought my house for at least over $20,000 less than I qualified. In fact my mortgage gal commented that I qualified for a lot more than what I was spending. Again, I knew how much I could spend per month, and still have a life, which made things a lot easier. I have no problem, in terms of emotion, paying my mortgage as I planned very well, IMHO.

TillyGalore wrote: I bought my house for at least over $20,000 less than I qualified. In fact my mortgage gal commented that I qualified for a lot more than what I was spending. Again, I knew how much I could spend per month, and still have a life, which made things a lot easier. I have no problem, in terms of emotion, paying my mortgage as I planned very well, IMHO.

I told you so. Smart and beautiful, like all the women of Crazietalk!

TillyGalore wrote: The best piece of advice I can give, is find out how much you qualify for, from there figure out how much you are willing to spend per month. I didn't want a house I qualified for because that meant more money out of my pocket every month. I bought my house for at least over $20,000 less than I qualified. In fact my mortgage gal commented that I qualified for a lot more than what I was spending. Again, I knew how much I could spend per month, and still have a life, which made things a lot easier. I have no problem, in terms of emotion, paying my mortgage as I planned very well, IMHO.

I'll second this advice. Figure out how much you can pay each month before determining how much you spend. Often you qualify for more than is comfortable paying. There are always other expenses in owning a home/condo, so you don't want all your net monthly income to go to the mortgage. You still want to go out and have Babes at the Beach . You can do a simple Excel spreadsheet with potential mortgage amounts across the top and various interest rates down the side to calculate estimated payments - and then add the estimated insurance and real estate tax escrow payments. Like Tilly, I didn't go with what they told me I could buy. I stuck with how much I wanted to pay per month and have not regretted it.


And that all goes well.

DukieInKansas wrote:

TillyGalore wrote: The best piece of advice I can give, is find out how much you qualify for, from there figure out how much you are willing to spend per month. I didn't want a house I qualified for because that meant more money out of my pocket every month. I bought my house for at least over $20,000 less than I qualified. In fact my mortgage gal commented that I qualified for a lot more than what I was spending. Again, I knew how much I could spend per month, and still have a life, which made things a lot easier. I have no problem, in terms of emotion, paying my mortgage as I planned very well, IMHO.

I'll second this advice. Figure out how much you can pay each month before determining how much you spend. Often you qualify for more than is comfortable paying. There are always other expenses in owning a home/condo, so you don't want all your net monthly income to go to the mortgage. You still want to go out and have Babes at the Beach . You can do a simple Excel spreadsheet with potential mortgage amounts across the top and various interest rates down the side to calculate estimated payments - and then add the estimated insurance and real estate tax escrow payments. Like Tilly, I didn't go with what they told me I could buy. I stuck with how much I wanted to pay per month and have not regretted it.


And that all goes well.

Excellent advice about setting a ceiling for what you're comfortable with each month. Over the course of years of living in your new home, there will be changes in property taxes, changes in homeowner's insurance premiums, etc. which will impact your monthly payment. It's important to allow a little room to deal with increases.

Another variable component of your monthly outflow of cash is the utilities. You can find out from the utilities companies what those costs were for the previous year, but allow for some increase in your own budget for these services.

OZZIE4DUKE wrote:

TillyGalore wrote: I bought my house for at least over $20,000 less than I qualified. In fact my mortgage gal commented that I qualified for a lot more than what I was spending. Again, I knew how much I could spend per month, and still have a life, which made things a lot easier. I have no problem, in terms of emotion, paying my mortgage as I planned very well, IMHO.

I told you so. Smart and beautiful, like all the women of Crazietalk!

Aw shucks!!!

Also, if you're buying property at the beach, be sure to factor in any Homeowners Association dues. This fee is one over which you have no control, unless you are willing to serve on the board, and it always increases after you've purchased your home.

DukePa, you are receiivng great advice. Thanks to all of you for helping our daughter. Love you all.